REG - Unbound Group PLC - Delayed publication of accounts and AIM Rule 15

UnboundAnnouncement

26/07/2023 12:30

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RNS Number : 2888H  Unbound Group PLC  26 July 2023

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Unbound Group plc

("Unbound", the "Company" or the "Group")

Delayed publication of accounts and AIM Rule 15 cash shell

Delayed publication of accounts

Further to the Company's announcement on 17 July 2023, the Company's board of
directors (the "Board") confirms that the publication of the Group's annual
report and accounts for the year ended 5 February 2023 ("Annual Report") will
be delayed and will not be published by 5 August 2023, which is the deadline
pursuant to Rule 19 of the AIM Rules for Companies ("AIM Rules"). The Company
continues to work with RSM UK Group LLP as auditor with a view to publishing
the Annual Report as soon as reasonably practicable.

Notwithstanding the fact that trading in the Company's ordinary shares on AIM
has been suspended since 07.30 a.m. on 17 July 2023 pending clarification of
the Company's financial position, the Company's ordinary shares would in any
event be suspended from trading on AIM with effect from 07.30 a.m. on 7 August
2023 due to the Annual Report not being published by 5 August 2023.

AIM Rule 15 cash shell

The disposal of the business and assets of the Group's main operating
subsidiary, Beaconsfield Footwear Limited (in administration), which completed
on 18 July 2023 as announced by the Company on that date, is deemed to be a
disposal that divests the Company of all, or substantially all of its trading
businesses, activities or assets (pursuant to Rule 15 of the AIM Rules).
Accordingly, with effect from 18 July 2023, Unbound Group plc is regarded,
pursuant to the AIM Rules, as an AIM Rule 15 cash shell with no operating
business.

As an AIM Rule 15 cash shell, the Company must make an acquisition or
acquisitions which constitutes a reverse takeover under AIM Rule 14 (including
seeking re-admission under the AIM Rules) within six months from 18 July 2023.
Alternatively, within such time period, the Company can seek to become an
investing company pursuant to AIM Rule 8, which requires, inter alia, the
raising of at least £6 million and the publication of an admission
document. If the Company does not complete a reverse takeover under AIM Rule
14 or seek re-admission to trading on AIM as an investing company pursuant to
AIM Rule 8 (either being a "Re-admission Transaction") within such six month
period, the Company's ordinary shares would be suspended from trading on AIM
pursuant to AIM Rule 40 (noting that the ordinary shares are already suspended
from trading on AIM as detailed above). Thereafter, if a Re-admission
Transaction has not been completed within a further six month period,
admission to trading on AIM of the Company's ordinary shares would be
cancelled.

The Board continues to review the options available to Unbound Group plc. The
Company will provide further updates as appropriate.

 

Enquiries

 

 Unbound Group plc                                          c/o Alma PR

 Neil Johnson, Chairman

 Ian Watson, CEO

 Gavin Manson, CFO
 Singer Capital Markets (Nominated Adviser & Broker)          +44 (0)20 7496 3000

 Peter Steel / Tom Salvesen / Alaina Wong / James Fischer
 Alma PR Limited (Financial PR)                             +44 (0)20 3405 0205

 Josh Royston / Sam Modlin / Hannah Campbell                unbound@almapr.co.uk (mailto:unbound@almapr.co.uk)

 

 

 

 

 

 

 

 

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